Ohio Attorney General Dave Yost announced on Monday that he has filed a lawsuit against Facebook, claiming the company misled and deceived investors in an effort to boost the price of its stock.
Yost, a Republican, filed the lawsuit on behalf of the Ohio Public Employees Retirement System (OPERS), which has invested millions in Facebook stock. Also named as defendants are Facebook executives Mark Zuckerberg, David M. Wehner, and Nick Clegg.
The multi-pronged lawsuit alleges that “from April 29 through Oct. 21, 2021 Facebook and its senior executives violated federal securities laws by purposely misleading the public about the negative effects its products have on the health and well-being of children and the steps the company has taken to protect the public,” and by inflating its user numbers, thus defrauding investors.
“This matter arises from an egregious breach of public trust by Facebook, which knowingly exploited its most vulnerable users—including children throughout the world—in order to drive corporate profits,” the lawsuit contends. “At the same time, Defendants repeatedly misrepresented to investors and the public that use of Facebook’s products does not harm children, that the Company takes aggressive and effective measures to stop the spread of harmful content, and that Facebook applies its standards of behavior equally to all users.”
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